Spyre Therapeutics Announces $180M Private Placement of Series B Non-Voting Convertible Preferred Stock at $1,480/Share
Portfolio Pulse from Benzinga Newsdesk
Spyre Therapeutics, Inc. (NASDAQ:SYRE), a biotech company focusing on antibody therapeutics for inflammatory bowel disease, announced a $180M private placement of Series B non-voting convertible preferred stock at $1,480/share. The financing, involving new and existing investors like Adage Capital Partners and Perceptive Advisors, will fund pipeline programs and extend the cash runway into 2027. The Series B preferred stock is convertible into common stock, with the financing expected to close by March 20, 2024.
March 18, 2024 | 12:02 pm
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Spyre Therapeutics announced a $180M PIPE financing to support its IBD therapeutics pipeline, with Series B preferred stock at $1,480/share.
The announcement of a significant PIPE financing deal is typically viewed positively by the market as it reflects investor confidence in the company's future prospects. This influx of $180M is expected to significantly bolster Spyre Therapeutics' financial position, enabling it to advance its pipeline programs and extend its cash runway well into 2027. The involvement of notable investors further adds to the positive outlook. However, the conversion of preferred stock into common stock could lead to dilution of existing shares, which is a factor to consider.
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